The Stock Of Virgin Galactic Climbs As The Company Prepares For Its First Commercial Flight

Virgin Galactic Holdings Inc. saw a 3.4% increase in its stock during premarket trading as the company prepared for its first commercial spaceflight scheduled for Thursday.

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The upcoming Galactic 01 mission will serve scientific purposes, with three crew members from Italy's air force and the National Research Council of Italy conducting microgravity research. Virgin Galactic's livestream of the launch from Spaceport America in New Mexico will commence at 11 am ET.

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In a tweet, Virgin Galactic expressed their enthusiasm for opening access to space for researchers and scientists, emphasizing the potential to unlock advancements on Earth.

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The company's stock recorded a significant gain of 9.2% at the close of Wednesday's session, marking its largest single-day percentage increase since June 20, 2023, when it surged by 27.1%.

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Virgin Galactic has plans for its second commercial flight, Galactic 02, designed for private astronauts, set to launch in early August, followed by monthly flights.

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The cost of a space trip with Virgin Galactic is $450,000, and the company reports strong demand, boasting around 800 individuals signed up as "future astronauts."

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Virgin Galactic recently completed its Unity 25 spaceflight, its fifth crewed mission in nearly two years.

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However, the company reported a larger-than-expected loss in its most recent quarter. Additionally, Richard Branson's satellite-launch company, Virgin Orbit Holdings Inc., has filed for Chapter 11 bankruptcy protection.

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To support its spaceship fleet and infrastructure development, as well as expand its commercial operations, Virgin Galactic aims to raise $400 million, according to a filing made last Thursday.

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In 2023, Virgin Galactic's stock has seen a notable increase of 36.2%, outperforming the 14% gain of the S&P 500 index.

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